QLogic Corporation Shares Rally (QLGC)

Shares of QLogic Corporation (NASDAQ: QLGC), a designer and supplier of network infrastructure products that provide and manage computer data communication, rallied in trading on Monday.

QLGC shares rose to an intra-day high of $11.97 on Monday before paring some of the gains to finish the day 6.27% higher at $11.86 on above average volume of 5.02 million.

QLogic last week released its first-quarter fiscal 2013 financial results. For the quarter ended July 1, 2012, the ALISO VIEJO, California-based company reported net revenue of $130.4 million, compared to $144.5 million reported for the same period in the previous year. The company’s revenue from Host Products for the first quarter was $101 million, compared to $108.3 million reported for the same period in the previous year. Revenue from network products was $19.5 million for the first quarter.

QLGC reported income from continuing operations of $18.4 million, or $0.19 per share for the quarter, compared to $34.2 million, or $0.32 per share reported for the same period last year. The company’s non-GAAP income from continuing operations for the second quarter was $25.3 million, or $0.26 per share, compared to $41.2 million, or $0.39 per share reported for the same period in the previous year.

Simon Biddiscombe, President and CEO of QLogic, said that despite the challenges and uncertainty within the global macroeconomic environment, QLGC delivered revenue of $130.4 million. Biddiscombe said that QLGC remains committed to its strategy of Adaptive Convergence and will continue to focus on the execution of its goals of driving long-term growth in revenue and profitability.

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All stories in DailyStocks.com are for informational purposes only. This is NOT a stock recommendation. This DailyStocks.com story is a daily light analysis featuring a stock with insider buying. With some caveats, insiders purchase a stock because they think the stock is going up. There are other factors to consider such as size of the transaction relative to their compensation and net worth. Sometimes, insiders might be propping a stock price up for future financing. Sometimes, the amount of insider buying are misread or misreported. Each month, DailyStocks releases a a summary of the stocks with insider buying. Sign up for the free monthly newsletter at DailyStocks.com .
About Dailystocks.com: DailyStocks.com is the place where you can find stories about stocks with insider buying, where you can educate yourself about stock market investing, and where you can perform the stock search engine analysis – you enter a stock symbol, and you get a resulting page of stock ticker indexed links so that you do not have to type the stock symbol each time.